J.C. Penney merchandising officer departs

By Associated Press
June 25, 2009 | Comments (0)

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The J.C. Penney Co. chief merchandising officer has resigned to accept a position as CEO of athletic footwear and apparel retailer Foot Locker Inc.

Ken C. Hicks, 56, has resigned from his position as president and chief merchandising officer at J.C. Penney, effective July 6. He will leave the company's board that day as well.

Until a successor is found, CEO Myron E. Ullman III will assume Hicks' responsibilities, the company said in a statement.

Hicks held the merchandising position since 2005. He joined the company in 2002 as president and chief operating officer of J.C. Penney's stores and merchandise operations.

He takes over as CEO of Foot Locker and becomes a board member on Aug. 17.

He succeeds Matthew D. Serra, who has been Foot Locker's CEO since March 2001.

Serra, 64, will continue as Foot Locker's board chairman until his planned retirement on Jan. 30, 2010.

He will also retire from the board on that day.

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FL $10.66 Up +0.25 +2.40%
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